HP'ers favorite discredited Phoenix realtor Greg Swann (he who shall not be linked) admitted the other day in the Arizona Republic that Phoenix housing prices have crashed 24% from the peak (thanks HP'ers for the lead).
So should we now expect locusts and wormwood? Along with the assorted flying pigs and hot times in hell of course.
He was great at unprofessional name calling and bluster, but if you wanted sound, rational, unbiased housing market analysis, you were MUCH better off going elsewhere. It's the 6% HP'ers - it makes people say and do stupid things.
Here was his hilarious admission this week:
"Values for an average suburban Phoenix home were down 14.66% year-over-year. That doesn’t sound too bad, but prices were down almost six percent just in December. We’re down 24% from the peak in December of 2005, on average"
Yet here he was in 2006, when he was pissing on HP'ers as sewer-living Brown Shirts and Flying Monkeys who would be proven wrong:
"To lurk among the BubbleBloggers and their seething commentariat is to acquire an education in a slice of America invisible from this side of the sewer gratings. Notwithstanding the idiotic economic analysis, which is really no worse than the static-market fallacies paraded as profundities in the pages of the Arizona Republic, these sites — and not just HousingPanic — are infested with a cult-like fever to inflict suffering — at second hand, to be sure — on people who are in fact guilty of nothing except failing to have drunk the BubbleBlogger KoolAde."
"The BubbleBloggers will someday bawl balefully in private, but they will never, ever admit that they have been very publicly very foolish. You will know and I will know and in the secret chambers of their hearts they will know they were wrong all along. But as long as you don’t hold your breath waiting for that contrite admission of error, you should be fine."
So, I guess the question is, when do we get Swanndive's contrite admission of error? And how do his financially devastated former victims (I mean clients - if he had any) get their money back?
I think this embarrassing about-face shows just how bad it's getting for the ramen eaters now. The NAR talking points are out the window, and in a desperate attempt to make 6%, they're trying the one and only thing they haven't tried before: